XML 20 R28.htm IDEA: XBRL DOCUMENT
v3.19.3

Acquisitions (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2019
Schedule of Purchase Price of Assets Acquired and Liabilities Assumed | Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the preliminary purchase price for the Salin acquisition is detailed in the following table.
Assets |  |  |  |
Cash and due from banks |  | $ | 152,745 |
Investment securities, available for sale |  |  | 54,319 |
Loans |  |  |  |
Commercial |  |  | 352,798 |
Residential mortgage |  |  | 131,008 |
Consumer |  |  | 85,112 |
Total loans |  |  | 568,918 |
Premises and equipment, net |  |  | 20,425 |
FRB and FHLB stock |  |  | 3,571 |
Goodwill |  |  | 31,358 |
Core deposit intangible |  |  | 19,818 |
Interest receivable |  |  | 2,488 |
Other assets |  |  | 112,880 |
Total assets purchased |  | $ | 966,522 |
Common shares issued |  | $ | 102,722 |
Cash paid |  |  | 24,000 |
Total purchase price |  | $ | 126,722 |
Liabilities |  |  |  |
Deposits |  |  |  |
Non-interest bearing |  | $ | 188,744 |
NOW accounts |  |  | 207,567 |
Savings and money market |  |  | 274,504 |
Certificates of deposit |  |  | 70,529 |
Total deposits |  |  | 741,344 |
Borrowings |  |  | 70,495 |
Subordinated debentures |  |  | 18,376 |
Interest payable |  |  | 826 |
Other liabilities |  |  | 8,759 |
Total liabilities assumed |  | $ | 839,800 |
Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 | The following table details an estimate of the acquired loans that are accounted for in accordance with ASC 310-30 as of March 26, 2019. Final valuation estimates have not yet been determined for acquired loans as of September 30, 2019. If information becomes available which would indicate adjustments to the purchase price allocation, such adjustments would be made prospectively.
Contractually required principal and interest at acquisition |  | $ | 22,672 |
Contractual cash flows not expected to be collected (nonaccretable differences) |  |  | 6,694 |
Expected cash flows at acquisition |  |  | 15,978 |
Interest component of expected cash flows (accretable discount) |  |  | 735 |
Fair value of acquired loans accounted for under ASC 310-30 |  | $ | 15,243 |
Pro Forma Result of Comparable Prior Reporting Period | The following schedule includes pro-forma results for the three and nine months ended September 30, 2019 and 2018 as if the Salin acquisition had occurred as of the beginning of the comparable prior reporting periods.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30 |  |  | September 30 |  |  | September 30 |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Summary of Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Interest Income |  | $ | 43,463 |  |  | $ | 41,673 |  |  | $ | 127,174 |  |  | $ | 123,358 |
Provision for Loan Losses |  |  | 376 |  |  |  | 1,176 |  |  |  | 1,936 |  |  |  | 3,178 |
Net Interest Income after Provision for Loan Losses |  |  | 43,087 |  |  |  | 40,497 |  |  |  | 125,238 |  |  |  | 120,180 |
Non-interest Income |  |  | 11,514 |  |  |  | 10,600 |  |  |  | 31,538 |  |  |  | 31,441 |
Non-interest Expense |  |  | 30,060 |  |  |  | 32,978 |  |  |  | 103,796 |  |  |  | 98,557 |
Income before Income Taxes |  |  | 24,541 |  |  |  | 18,119 |  |  |  | 52,980 |  |  |  | 53,064 |
Income Tax Expense |  |  | 4,004 |  |  |  | 2,540 |  |  |  | 9,326 |  |  |  | 7,738 |
Net Income |  |  | 20,537 |  |  |  | 15,579 |  |  |  | 43,654 |  |  |  | 45,326 |
Net Income Available to Common Shareholders |  | $ | 20,537 |  |  | $ | 15,579 |  |  | $ | 43,654 |  |  | $ | 45,326 |
Basic Earnings per Share |  | $ | 0.46 |  |  | $ | 0.41 |  |  | $ | 0.97 |  |  | $ | 1.18 |
Diluted Earnings per Share |  | $ | 0.46 |  |  | $ | 0.40 |  |  | $ | 0.97 |  |  | $ | 1.18 |

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of contractual cash flows to the carrying amount relating to certain loans acquired in a transfer. + References No definition available. + Details
Name: | us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration